Issue link: https://read.dmtmag.com/i/576085
34 • OCTOBER 2015 • WORLD FENCE NEWS Visit Logical Decisions at www.ldi.com Your Gate Operator Specialist Find us on NEW YORK – A ranking of the top U.S. metropolitan areas by the dollar amount of new commercial and multifamily construction starts re- veals the New York City metropolitan area leading the nation during the fi rst half of 2015, according to Dodge Data & Analytics. A total of $17.3 billion of com- mercial and multifamily projects in the New York City metropolitan area reached groundbreaking during this year's January-June period, up 72% from a year ago. The New York City amount was substantially greater than what was reported by the metropolitan area ranked number two, Miami, at $3 bil- lion and up 38% from a year ago. Rounding out the top fi ve met- ropolitan areas with their percentage change from a year ago were the fol- lowing – Washington, D.C., $2.4 bil- lion (down 15%); Boston, $2.2 billion (up 21%); and Seattle, $2.1 billion (up 49%). Metropolitan areas ranked 6 through 10 performed as follows during the fi rst half of 2015: Los An- geles, $2 billion (down 30%); Hous- ton, $1.9 billion (down 36%), Den- ver, $1.8 billion (up 56%); Dallas-Ft. Worth, $1.8 billion (up 5%), and Chi- cago, $1.7 billion (up 7%). For the U.S. as a whole, com- mercial and multifamily construction starts during the fi rst half of 2015 were reported at $73.2 billion, up 13% from a year ago. (The commercial and multifamily total is comprised of these project types: stores, warehous- es, offi ce buildings, hotels, garages and service stations, and multifamily housing.) "Market fundamentals such as oc- cupancies and rents continue to show improvement, which supports further growth for commercial and multifam- ily construction," stated Robert A. Murray, chief economist for Dodge- Data & Analytics. "While the expan- sion for the overall economy remains tepid, as shown by the 2.3% growth for GDP in the second quarter, com- mercial and multifamily development continues to be a prime focus of the investment community in its search for yield. "The level of construction starts for commercial building is still well below the peak volume of the previ- ous decade, even with double-dig- it gains over the past four years," he said. "Multifamily housing has shown steady growth since 2010, which has generated some concern about over- building, particularly in the New York City metropolitan area. Still, New York City is seeing an even greater amount of multifamily construction starts this year, and the national mul- tifamily upturn is now broadening in terms of geography, with construction gains taking place in more metropol- itan areas." The New York City metropoli- tan area during the fi rst half of 2015 showed growth for both its commer- cial building (up 84%) and its mul- tifamily (up 67%) segments from a year ago. Large commercial building projects that reached groundbreaking during the fi rst half of 2015 included two structures at the Hudson Yards development on Manhattan's West Side – the $1.2 billion 30 Hudson Yards offi ce/retail tower and the $400 million 55 Hudson Yards offi ce tower. Other large commercial building projects that reached groundbreaking included the $575 million 1 Manhat- tan West project, the $200 million South Street Seaport Pier 17 retail center, and a $150 million tenant in- stall at 10 Hudson Yards. As for multifamily housing, there were 24 multifamily projects valued at $100 million or greater that reached groundbreaking in the New York City metropolitan area during the fi rst half of 2015, led by the $600 million 1800 Park Avenue apartment building, the $500 million 109 W. 57th St. apart- ment building, and the $500 million addition to Flushing Commons (phase 1) in Queens. First half 2015 commercial and multifamily construction starts show New York City metropolitan area leading the nation Call for a FREE quote. 800.845.2526 Your link to • Aluminized • Barbed Wire • Galvanized • 9 sizes, 6 ga u ges • Stainless • Heights up to 20' • Vinyl Coated • Nationwide Shipping Conquers Rust | Longer Lasting | Best Warranty Alumi-Link™ Chain Link MiniMesh Chain Link Alumi-Link™ Chain Link MiniMesh Chain Link Full-Line Distributor Full-Line Distributor GFFence.com T O P M A N U F A C T U R E R a n d I N D U S T R Y L E A D E R Tri Custom Manufacturing w w w . t r i c m . c o m Phone 435-563-0261 Toll Free 1-866-833-9589 Flat Cap Pyramid Cap Stack Section 21" x 21" x 15 1/2" high Main Pillar Section 21" x 21" x 46" high (Add 10 1/2" for pyramid cap and 4" for at cap) Pre-Formed Faux Rock Pillars "If you can't tell the difference, what difference does it make!"™ Starting at $94.50 ● No mason required ● Same day installation ● Maintenance free ● Impact resistant / durable ● No sub-contractors ● One person installation ● UV fade resistant ● Can be shipped by UPS!